Comstate Resources Ltd., Calgary, will proceed with a corporate reorganization that will separate its mineral assets from its oil and gas assets by transferring 13,647,000 shares of Comaplex Minerals Corp. to Comaplex's shareholders. Comstate will also become a royalty income trust. Completion is expected July 1.
Cliffs Drilling Co., a wholly owned subsidiary of Transocean Sedco Forex Inc., has called its 10.25% Series B and D senior notes due 2003. The notes, worth $200 million, will be redeemed May 18 for $1,025 per $1,000 principal amount plus accrued and unpaid interest.
Shell Oil Co. has extended its tender offer for the shares of Barrett Oil Corp. to May 4.
Danoil Energy Ltd. and Western Facilities Fund have completed the merger of Danoil, Nevis Ltd., and WFF. WFF has changed its name to Acclaim Energy Trust, and Danoil and Nevis have formed Acclaim Energy Inc.
Weatherford International Inc. has acquired the assets of CAC Inc., a subsidiary of Thermo Electron Corp. CAC designs, engineers, and manufactures automation, optimization, and control system technologies for onshore and offshore oil and gas production.
Richland Petroleum Corp., Calgary, has acquired Coast Pacific RLP-97 Exploration Inc., which will be a Richland subsidiary. Richland Petroleum signed a joint venture and farm-in agreement with an unnamed company to develop lands in the Whitecourt area of West Central Alberta and a farm-in agreement on exploratory lands in Northwest Alberta. At Whitecourt, Richland will drill and complete an undisclosed number of wells. In Northwest Alberta, Richland will drill a 2,800-m exploration well to earn an interest in five sections.
Russian company Tyumen Oil Co. said a government agency has concluded that Tyumen's 1999 privatization was legal and the sale price was appropriate. Tyumen Oil said the decision should give fresh confidence to investors and business partners in the company's business practices.
Gemini Energy Corp., Vancouver, has approved a 2001 capital budget of $7.1 million, which it said is the cost of participating in eight wells currently planned by operating partners Ultra Petroleum Corp., Houston, and Anschutz Exploration Corp., Denver, Colo.
Vintage Petroleum Inc., Tulsa, has extended to May 1 an offer to acquire Genesis Exploration Ltd., Calgary, to allow regulatory approvals to be obtained (OGJ Online, Mar. 28, 2001).
Anadarko Petroleum Corp., Houston, said its Canadian subsidiary sold $1.3 billion in 10 and 30-year notes as part of the company's financial restructuring plan following the Berkley Petroleum Corp. acquisition. The restructuring plan also includes an exchange of securities and a $150 million reduction of debt.
American International Petroleum Corp., New York, has selected OilExchange Inc. to market its interest in Kazakhstan Block 953. The block covers 4.7 million acres in the central portion of the North Ustyurt basin. It is near Chevron Corp.'s Tengiz field.
Paradigm Geophysical Ltd., Houston, and Petrophysical Consulting Inc. have agreed to jointly provide reservoir imaging and characterization services to the oil and gas industry. Petrophysical Consulting was founded by physicists from Stanford University, Palo Alto, Calif.
Promax Energy Inc. has agreed to purchase from an unnamed third party its interests in the Sunnynook, Cessford, Matziwin, Princess, Atlee, Buffalo, Alderson, and Jenner areas of southeastern Alberta for $6.5 million (Can.). Upon final transfers, Promax Energy will own working and gross overriding royalty interests in 241 Medicine Hat-Milk River wells, 82 Paleozoic wells, 74 km of pipeline, 1,850 hp of compression, and 167 sections of land in southeastern Alberta, largely in the Cessford area.
Panaco Inc., Houston, has bought the West Delta Block 52 field in the Gulf of Mexico from Delta Petroleum Corp., Denver, Colo., for $4 million in cash. PANACO took over operation of the field, which contains 1.1 million bbl of oil, on Apr. 14. The field includes 7 producing oil wells, 1 salt water disposal well, and 18 shut-in wells. Production is 300 b/d of oil.
